Public Storage (PSA) Scheduled to Post Quarterly Earnings on Wednesday

Public Storage (NYSE:PSA) will be releasing its earnings data after the market closes on Wednesday, October 30th. Analysts expect Public Storage to post earnings of $4.25 per share for the quarter. Public Storage has set its FY24 guidance at $16.50-$16.85 EPS and its FY 2024 guidance at 16.500-16.850 EPS.Persons interested in participating in the company’s earnings conference call can do so using this link.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. Public Storage’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $4.28 earnings per share. On average, analysts expect Public Storage to post $17 EPS for the current fiscal year and $17 EPS for the next fiscal year.

Public Storage Stock Performance

Shares of Public Storage stock opened at $334.98 on Wednesday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99. The firm’s 50-day simple moving average is $346.44 and its 200-day simple moving average is $306.11. The firm has a market cap of $58.63 billion, a PE ratio of 31.39, a price-to-earnings-growth ratio of 4.87 and a beta of 0.68.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s payout ratio is currently 112.46%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PSA shares. Scotiabank upped their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. Royal Bank of Canada initiated coverage on shares of Public Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target for the company. Jefferies Financial Group increased their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Morgan Stanley lifted their target price on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $340.93.

Public Storage Company Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.